It also recorded an impairment charge of $31.7 million, or $20.5 million net of tax, related to placing the La Guitarra mine on care and maintenance.
First Majestic Mining News
The approval was the final government agency’s permission the parties required to close the deal.
With the friendly takeover First Majestic gains Primero’s flagship asset, the San Dimas silver-gold mine, located in the state of Durango.
The Mexico-focused miner produced 4 million ounces of silver in the third quarter of 2017 from its six operating silver mines.
Company said blockade was in response to a recently announced bonus offer in lieu of profit sharing.
Output of the precious metal in the three months to Sep. 30 increased 20% to 3.1 million ounces — a new quarterly record.
The Mexico-focused miner has benefitted from an ongoing silver rally and even more so than many of its peers, as it chose not to diversify into other metals.
Up $4.17 a share.
Under the arrangement, First Majestic has acquired all of the issued and outstanding common shares of Silvermex. Shareholders of Silvermex will receive 0.0355 First Majestic shares and CDN$0.0001 for each held share of Silvermex.
Jittery investors sold in earnest this week on speculation that China is going on some kind of austerity kick, destined no doubt to wreak havoc on the civilized world.